A jump in revenue from slightly higher grain traffic in the last three months of 2011 helped bolster a beleaguered Canadian Pacific Railway in its fourth fiscal quarter (Q4).
CP on Jan. 26 booked net income of $221 million on total revenues of $1.408 billion for its quarter ending Dec. 31, up from $186 million on $1.294 billion in the year-earlier period.
During the quarter, Calgary-based CP moved about 121,000 carloads of grain, up three per cent from 118,000 in the year-earlier Q4 — but it posted total grain revenue of $323 million, up eight per cent from $299 million in the previous Q4, for revenue per carload of $2,669, compared to $2,534 a year earlier.
“During the fourth quarter we delivered record asset velocity, a direct link to better service, positioning us for a lower operating ratio,” CP CEO Fred Green said in a release.
CP posted a slightly lower profit for the full year, booking $570 million in net income on $5.177 billion in revenues, down from $651 million on $4.981 billion in fiscal 2010.
CP’s total revenues from grain traffic were down three per cent for the year at $1.1 billion, compared to $1.135 billion in fiscal 2010. Grain carloads were down four per cent at 450,000, for revenue per carload of $2,444, up one per cent.